Dimon, who admits he hasn't read all of the new rules, said he
understands that regulators want to curb proprietary
trading. But from what he's heard about it, it sounds like the
Volcker
Rule might do more damage than good.

In other words, get ready, Volcker Rule. You just made a new
enemy. Dimon is going to read you, and if you try to impose the
regulations he thinks you want to impose, he will whittle you
down to a shadow of your former self.

Here's why --

"The United States has the best, deepest, widest, most
transparent capital markets in the world which give you, the
investor, the ability to buy and sell large amounts at very cheap
prices."

"I wish Paul Volcker understood that," Dimon said on yesterday's
earnings conference call, "Now we understand why there is no
proprietary trading. That was fine. And these are like -- I
haven't read them all yet -- like 178 rules or reporting and
compliance around what is proper market-making. We have to be in
a position to do proper market-making for our clients..."

“Most of our business is market-making. ... I hope all of you on
this phone understand how important this is, not just for your
own business but for future of the United States. And we hope at
the end of the day we will be able to make markets freely. If
American companies are put at huge disadvantage, the foreign
companies -- this is just -- we were told everyone is going to
adopt this, which we know is not true. So now it would be even a
bigger deal.”

"There's going to be commentary -- commentary will come from the
public." he said. "We will give our comments to
regulators."

IT'S ON.

But of course, he said - JPMorgan will want to be prepared for
the Volcker Rule implementation.